Starting next year, the Federal Open Market Committee will hold one less vote annually to set monetary policy, Federal Reserve Chairman Kevin Warsh said today.
The FOMC currently meets eight times a year, during which it votes on monetary policy. The committee will continue to meet eight times annually, but starting in 2027, one of those meetings will focus exclusively on broad monetary policy strategy, with no vote on the federal funds rate or a policy statement, Warsh said. He added that in 2028, the FOMC will explore holding two meetings dedicated to discussions of strategy and six for setting policy.
“Getting policy right involves assessing near-term developments at timely, regular and information-rich intervals,” Warsh said. “But it’s equally important we reserve time and space, as an intellectually diverse group, for strategic deliberations — for thinking anew about big questions, looking out over longer time horizons, focusing, as I say, on the left side of the decimal point.”
